Name: Economics: Private and Public Choice
ISBN: 9781305506725

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Principles of Economics

Economics & Finance

Social Studies

Economics

CTE - Business Education

AP®, Honors, & Electives

CL Carton Count

CL Dimensions

B2B & B2C

Economics: Private and Public Choice

Prepare students to apply economic concepts to the world around them as ECONOMICS: PRIVATE AND PUBLIC CHOICE, 16E reflects current economic conditions. This readable book integrates public choice analysis and explains the operation of markets and the political process as well as market failure and government failure. The book emphasizes why it is vital to understand both the market and political processes since approximately 40 percent of national income is allocated through the political process. Up-to-date coverage presents major current macroeconomic models and stresses the difficulties models face in explaining recent economic data. Students analyze the Great Recession of 2008-2009. This book dispels common economic myths and uses the "invisible hand" metaphor to explain economic theory. This edition includes Aplia online with revised questions, accessibility on mobile devices, improved graphing, and a new interactive eReader with videos and graphing tutorials.

Hardcopy textbook for Gwartney/Stroup's Economics: Private and Public Choice. Buy direct for hassle-free returns. Included in Cengage Unlimited.

ECONOMICS PRIVATE/PUBLIC CHOIC E

Economics: Private & Public Choice

Teach students to apply economics as Gwartney/Stroup/Sobel/Macpherson's ECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E places more emphasis than other text of its kind on the role of entrepreneurship in a market economy and the importance of public choice analysis in understanding the political process. New coverage presents entrepreneurship as key to grasping how the competitive market uses innovations to improve living standards. Students also see how public choice analysis clarifies voter, politician and bureaucrat incentives and impacts political outcomes -- which, in turn, affects national income. 

Introductory chapters cover basic economic thinking and show how wealth is created using the "invisible hand" metaphor. Microeconomics models integrate entrepreneurship, the process of competition and the importance of contestable markets. Updates highlight recent changes in Federal Reserve policy, government debt and other factors impacting the macroeconomy, with special focus on the Great Suppression of 2020 related to the COVID-19 pandemic. MindTap resources further reinforce content.

Hardcopy textbook for Gwartney/Stroup's Economics: Private & Public Choice. Buy direct for hassle-free returns. Included in Cengage Unlimited.

Duration

Duration Unit Of Measure

Transaction Type

Part I: THE ECONOMIC WAY OF THINKING.
1. The Economic Approach.
2. Some Tools of the Economist
Part II: MARKETS AND GOVERNMENT.
3. Demand, Supply, and the Market Process
4. Supply and Demand: Applications and Extensions
5. Difficult Cases for the Market, and the Role of Government
6. The Economics of Political Action
Part III: CORE MACROECONOMICS.
7. Taking the Nation’s Economic Pulse
8. Economic Fluctuations, Unemployment, and Inflation
9. An Introduction to Basic Macroeconomic Markets
10. Dynamic Change, Economic Fluctuations, and the AD--AS Model
11. Fiscal Policy: The Keynesian View and the Historical Development of Macroeconomics
12. Fiscal Policy: Incentives, and Secondary Effects
13. Money and the Banking System
14. Modern Macroeconomics and Monetary Policy
15. Macroeconomic Policy, Economic Stability, and the Federal Debt
16. Creating an Environment for Growth and Prosperity
17. Economic Development
Part IV: INTERNATIONAL ECONOMICS.
18. Gaining from International Trade.
19. International Finance and the Foreign Exchange Market.
Part V: CORE MICROECONOMICS.
20. Consumer Choice and Elasticity.
21. Costs and the Supply of Goods.
22. Price Takers and the Competitive Process.
23. Price-Searcher Markets with Low Entry Barriers.
24. Price-Searcher Markets with High Entry Barriers.
25. The Supply of and Demand for Productive Resources.
26. Earnings, Productivity, and the Job Market.
27. Investment, the Capital Market, and the Wealth of Nations.
28. Income Inequality and Poverty.
Part VI: APPLYING THE BASICS: SPECIAL TOPICS IN ECONOMICS.
Special Topic 1. Government Spending and Taxation.
Special Topic 2. The Economics of Social Security.
Special Topic 3. The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity.
Special Topic 4. Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government   
Special Topic 5. The 2020 COVID-19 Recession: Cause, Response, and Implications for the Future
Special Topic 6. The Crisis of 2008: Causes and Lessons for the Future
Special Topic 7. Lessons from the Great Depression
Special Topic 8. The Economics of Health Care
Special Topic 9. Earnings Differences Between Men and Women
Special Topic 10. Do Labor Unions Increase the Wages of Workers?
Special Topic 11. The Question of Resource Exhaustion
Special Topic 12. Difficult Environmental Cases and the Role of Government
Appendix A. General Business and Economics Indicators for the United States.
Appendix B. Answers to Selected Critical Analysis Questions

Part I: THE ECONOMIC WAY OF THINKING.
1. The Economic Approach.
2. Some Tools of the Economist.
Part II: MARKETS AND GOVERNMENT.
3. Demand, Supply, and the Market Process.
4. Supply and Demand: Applications and Extensions.
5. Difficult Cases for the Market, and the Role of Government.
6. The Economics of Political Action.
Part III: CORE MACROECONOMICS.
7. Taking the Nation’s Economic Pulse.
8. Economic Fluctuations, Unemployment, and Inflation.
9. An Introduction to Basic Macroeconomic Markets.
10. Dynamic Change, Economic Fluctuations, and the AD--AS Model.
11. Fiscal Policy: The Keynesian View and the Historical Development of Macroeconomics.
12. Fiscal Policy: Incentives, and Secondary Effects.
13. Money and the Banking System.
14. Modern Macroeconomics and Monetary Policy.
15. Stabilization Policy, Output, and Employment.
16. Creating an Environment for Growth and Prosperity.
17. Institutions, Policies, and Cross-Country Differences in Income and Growth.
Part IV: INTERNATIONAL ECONOMICS.
18. Gaining from International Trade.
19. International Finance and the Foreign Exchange Market.
Part V: CORE MICROECONOMICS.
20. Consumer Choice and Elasticity.
21. Costs and the Supply of Goods.
22. Price Takers and the Competitive Process.
23. Price-Searcher Markets with Low Entry Barriers.
24. Price-Searcher Markets with High Entry Barriers.
25. The Supply of and Demand for Productive Resources.
26. Earnings, Productivity, and the Job Market.
27. Investment, the Capital Market, and the Wealth of Nations.
28. Income Inequality and Poverty.
Part VI: APPLYING THE BASICS: SPECIAL TOPICS IN ECONOMICS.
Special Topic 1. Government Spending and Taxation.
Special Topic 2. The Economics of Social Security.
Special Topic 3. The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity.
Special Topic 4. Great Debates in Economics: Keynes versus Hayek.
Special Topic 5. The Crisis of 2008: Causes and Lessons for the Future.
Special Topic 6. Lessons from the Great Depression.
Special Topic 7. The Federal Budget and the National Debt.
Special Topic 8. The Economics of Health Care.
Special Topic 9. Earnings Differences Between Men and Women.
Special Topic 10. Do Labor Unions Increase the Wages of Workers?
Special Topic 11. The Question of Resource Exhaustion.
Special Topic 12. Difficult Environmental Cases and the Role of Government.
Appendix A. General Business and Economics Indicators for the United States.
Appendix B. Answers to Selected Critical Analysis Questions.

Economics: Private and Public Choice

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